com/current-affairs ------------------------------------------------- Sectors[edit] Percent labor employment in India by its economic sectors (2010).[110] The GDP contribution of various sectors of Indian economy have evolved between 1951 to 2013, as its economy has diversified and developed. Historically, India has classified and tracked its economy and GDP as three sectors — agriculture, industry and services. Agriculture includes crops, horticulture, milk and animal husbandry, aquaculture, fishing, sericulture
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widely-used measure of economic output is the Gross Domestic Product (abbreviated GDP). GDP generally is defined as the market value of the goods and services produced by a country. One way to calculate a nation's GDP is to sum all expenditures in the country. This method is known as the expenditure approach and is described below. Alternative Approaches to Calculating GDP There are three approaches to calculating GDP: * Expenditure approach - described above; calculates the final spending on goods
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progress and welfare. Although GDP remains the most widely used measure of social progress, the recent global financial crisis and continued depletion of natural resources and environmental adverse impact has brought into question the use of GDP as the main indicator of social welfare. Four alternatives to GDP are assessed and evaluated as the standard for national accounts for Botswana and China. Alternatives fall into the following broad categories, corrected GDP and extended national accounts
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1. What was Real GDP for 2009? The real GDP for 2009 was 14.54 trillion. A. What does GDP tell us? GDP tells us the total dollar value of all goods and services produced over a specific time. B. How did GDP change from 2008? In 2008, the GDP was 14.58. It decreased in 2009. C. What caused these changes? The cause for these changes were due to the recession. Government spending also increased. 2. What was GNP for 2009? The GNP for 2009 was 14.74 trillion. A. What
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between real and nominal GDP? Does GDP accurately reflect the nation’s welfare? Why or why not? How can a country’s GDP be manipulated? In your opinion, is the U.S. GDP being manipulated? Explain your answer. GDP stands for gross domestic product, and “is a measure of the total market value of aggregate production of goods and services produced in an economy in a year” (Colander, 2010). Nominal GDP calculates income at existing prices while the real GDP adjusts the nominal GDP for inflation. According
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Bangladesh GDP Growth Rate The Gross Domestic Product (GDP) in Bangladesh expanded 6.30 percent in 2012 from the previous year. GDP Growth Rate in Bangladesh is reported by the Bangladesh Bank. Historically, from 1994 until 2012, Bangladesh GDP Growth Rate averaged 5.58 Percent reaching an all time high of 6.70 Percent in June of 2011 and a record low of 4.08 Percent in June of 1994. Bangladesh is considered as a developing economy. Yet, almost one-third of Bangladesh’s 150m people live in extreme
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level is the a) GDP deflator.* b) consumer price index. c) producer price index. d) d. gross domestic product. 2. If the value of a price index was 125 for 2005 and 75 for 1982, and GDP was 2500 in 2005 compared to 600 in 1982, the value of real 2005 GDP in terms of 1982 prices is a) 1500.* b) 1000. c) 2500. d) 360. 3. The index that measures the change in price of a typical basket of consumer goods is a) the GDP deflator. b) the consumer price index.* c) nominal GDP. d) real GDP. 4. Personal income
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Name Course Professor Date The 22 members of the Arab League consummate a GDP of $ 2.599 trillion. On the other hand France recorded a GDP of $2.579 trillion, United Kingdom $2.443 trillion, Germany $3.383 trillion, US $16.02 trillion and Japan $5.88 trillion. The above data describes the interrelation that exists between the regions. A single economy for example US is able to uphold the entire region in the Middle East (www.cia.gov). The Middle East is the biggest exporter of petroleum
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What is the economy's current stage in the business cycle? If I were to measure economy’s current stage in the business cycle based in information regarding the GDP, I would to say that some work has to be done but we are heading towards are a better stage in the business cycle. With a historic GDP rate of 3.2% the current rate of 3.1% shows a 0.1% decrease. This however, is a 1.3% increase from this year’s first quarters. This translates into economic growth during this period but it is still
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GDP is the market value of final goods and services produced in an economy over a certain period. National Income Accounting was developed in the 1930’s to be a simple and understandable way to aggregate all monetary activity in an economy to measure the effects of the Great Depression. Economic welfare (well-being) however is not solely about how much money there is in an economy. Constanza (2009) in his article defined economic well-being as “the degree to which society’s goals (to sustainably
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